With the end of the year fast approaching, now is the ideal time to make smart investments for your business by adding to or upgrading your truck fleet. Thanks to the Section 179 tax deduction, you can significantly reduce your tax liability on any qualifying purchases of new or used trucks and trailers that are put into service by December 31, 2024.
What is the Section 179 Deduction?
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment bought, leased, or financed during the tax year. It was designed to help businesses grow by investing in necessary assets while offsetting the costs with valuable tax savings. For 2024, eligible business owners can deduct up to $1,220,000 on qualifying purchases made before the year ends. There is a spending cap of $3,050,000, meaning the deduction begins to phase out after that amount.
In addition to Section 179, businesses can take advantage of a 60% bonus depreciation for equipment purchased after hitting the spending cap. This bonus depreciation has been in place since September 27, 2017, and remains available through 2024 for new and used equipment, offering an extra layer of savings.
Want to see your potential savings? Check out the link to the deduction calculator below to help you estimate the tax benefits based on your planned purchases.
The ideal time to upgrade your fleet
Whether you’re looking for light, medium, duty, or severe-duty trucks, Pliler International can outfit your fleet with the very latest trucks that qualify for Section 179 and suit your exact needs. Make the smart purchase for your business now whether it’s one or several new trucks. Talk to one of our sales team members today about options we have available.
Before making any large purchases, we recommend discussing Section 179 details with your tax advisor to confirm eligibility and optimize your tax strategy. They can guide you through the specifics and help you get the most out of this valuable deduction.
use section 179 deduction on used trucks
Not necessarily looking for or needing a “new” truck? It’s still the perfect time to take advantage of the Section 179 deduction on one or more used trucks. Check out our full inventory of used trucks here online and don’t miss this chance to take full advantage of Section 179 before the year ends!
